Greennex Pulse: November Deal Spotlight

November's climate tech dealflow revealed distinct investment patterns across continents, with Europe asserting dominance in agritech and industrial decarbonization, while the U.S. maintained its lead in AI-driven infrastructure and battery circularity. The funding landscape showed a clear preference for late-stage, capital-intensive climate solutions that promise near-term commercialization and grid-scale impact.

Taken together, the November financings illustrate a maturing investment thesis: climate tech is no longer about experimental moonshots but rather about deploying capital into infrastructure-grade solutions with clear paths to profitability and measurable carbon impact.

U.S. Deals

Crusoe | $1.3B Series E

What happened: Crusoe closed its $1.3B Series E to deploy modular data centers at stranded energy sites—including flared natural gas wells and curtailed renewable facilities—converting waste energy into productive compute capacity for AI workloads.

Why it matters: This deal represents the convergence of explosive AI compute demand and grid decarbonization. By monetizing energy that would otherwise be wasted or emitted, Crusoe addresses both the data center industry's power appetite and the oil and gas sector's methane problem. The scale signals institutional confidence in infrastructure that serves dual economic mandates—profitable operations and measurable emissions reductions.

What to watch: Long-term offtake agreements with hyperscalers and expansion velocity. Track whether the model can scale beyond flare gas to incorporate larger volumes of curtailed renewable energy, potentially unlocking gigawatt-scale opportunities.

Other notable deals: Redwood Materials $350M Series E (battery recycling), Infravision $91M Series B (grid inspection robotics), ARBOR $55M Series A (CCUS), EVERY $55M Series D (precision fermentation), STARSHIP $50M Series C (autonomous delivery), SAILDRONE $50M Late VC (maritime monitoring).

Europe & U.K. Deals

ecorobotix | $105M Series D

What happened: ecorobotix secured $105M to commercialize its ARA platform—autonomous spraying robots that use computer vision and ML to identify individual plants and apply herbicides with centimeter-level precision, reducing chemical use by up to 95%.

Why it matters: The EU's Farm to Fork strategy mandates a 50% reduction in pesticide use by 2030, creating regulatory tailwinds for precision agriculture. ecorobotix's Series D positions it to capture market share as farms face simultaneous pressure to reduce costs, meet sustainability mandates, and maintain yields amid labor shortages.

What to watch: Deployment velocity across European vineyards and row-crop operations, particularly in France and Spain. Monitor whether the technology can achieve unit economics that work for mid-sized farms, not just industrial operations.

empact | $116M Series A

What happened: empact raised $116M to scale its integrated platform that combines project financing, retrofit execution, and energy performance monitoring for commercial and multifamily real estate across Europe.

Why it matters: Buildings account for 40% of EU energy consumption yet renovation rates hover below 1% annually—far short of the 3% needed to meet 2050 targets. empact addresses the core friction: fragmented financing, execution risk, and opaque ROI. By bundling these services and using AI to de-risk underwriting, the platform can unlock institutional capital for retrofits.

What to watch: Scale beyond Germany into Southern European markets where building stock is older. Track default rates and whether the model can achieve sub-5% cost of capital to compete with traditional construction lending.

Other notable deals: wild bio $60M Series A (crop innovation), upway $60M Series C (EV remanufacturing), HyImpulse $50M Series A (space launch), nextProtein $20.7M Series B (insect protein), PACT $20M Series A (sustainable materials), i6 GROUP $20M Series B (aviation fuel management).

Global Deals

BLYKALLA | $38M Early VC

What happened: BLYKALLA closed $38M to advance its SEALER small modular reactor—a lead-cooled fast reactor design targeting 10-100 MW output for industrial heat applications and distributed baseload power, with regulatory approval pursuit in Sweden.

Why it matters: Nuclear's credibility as a climate solution has fundamentally shifted, driven by AI compute demand and industrial heat decarbonization imperatives. BLYKALLA's lead-cooled design addresses key SMR challenges: passive safety, higher thermal efficiency, and suitability for process heat above 500°C. Sweden's streamlined regulatory environment creates a viable commercialization pathway.

What to watch: Progress toward regulatory milestones and securing industrial anchor customers—particularly steel producers eyeing fossil-free production. Monitor capital efficiency through demonstration phase, as most SMR developers burn billions before commercial deployment.

Other notable deals: spiro $100M Early VC (electric motorcycles, Africa), STARDUST $60M Early VC (geoengineering, Israel), VAWMO $45M Series B (electric mobility, Brazil), First Water $27M Early VC (aquaculture, Iceland), MATR $23.2M Series A (alt-protein, Denmark), TRACT $21.6M Series A (supply chain optimization, Netherlands), O Source $17.5M Series B (indoor farming, Netherlands), GREENIRON $13M Early VC (green steel, Sweden).